Subject:
Title
Resolution approving the issuance of Single-Family Mortgage Revenue Bonds by the Housing Finance Authority of Pinellas County to finance Single-Family Mortgage Loans through a joint program with other Housing Finance Authorities in various counties.
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Recommended Action:
Recommended Action
Adopt a resolution approving the continuation of the issuance of Single-Family Mortgage Revenue Bonds (Bonds) by the Housing Finance Authority of Pinellas County (HFA) in a principal amount not to exceed $250.0M to finance the Single-Family Mortgage Loans through a joint program with the HFAs of Pasco County and Polk County and other interested counties including the County over a period of up to three years.
• Authorization for the HFA to continue to issue Bonds to finance Loans through a joint program with the HFAs of interested counties.
• On August 7, 2025, the HFA approved the issuance of Bonds, in a principal amount not to exceed $250.0M, in one or more series, in calendar years 2025 through 2028.
• The Bonds will be used to provide homebuyer mortgage financing for low-moderate-or middle-income qualified persons or families through a joint program with HFAs in Pasco and Polk and other interested counties including the County via interlocal agreements.
• The HFA issues bonds on behalf of Pasco and Polk Counties through Interlocal Agreements to gain economy of scale cost reductions benefiting all three counties. By combining into a muti-county program the Pinellas HFA is able to manage and market the program and Pasco and Polk are able to offer below market rate mortgages to homebuyers.
• The Bonds are to be issued over a period of one to three years, in an amount to meet the demands of the first-time home buyer community, the mortgage lenders and prevailing market conditions, to alleviate the shortage of affordable housing.
• The HFA holds a public hearing every three years and seeks Board of County Commissioners approval for a three-year period for the single-family mortgage program.
• No Pinellas County funds are required. This item has no fiscal impact on the County.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
Adoption of the Resolution to permit the HFA to continue to finance a joint program with the HFAs of Pasco and Polk County and other interested counties including the County for the issuance of single-family mortgage revenue bonds in one or more series to finance up to $250.0M of single-family mortgage loans in Pasco, Pinellas, Polk and other counties through interlocal agreements.
On August 7, 2025, the HFA approved the issuance of Bonds, in a principal amount not to exceed $250.0M, in one or more series, in calendar years 2025 through 2028.
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Background Information:
The Bonds will be used to provide financing of qualified owner-occupied, single-family residences by acquiring certain mortgage notes secured by mortgages of real property owned by low-moderate- or middle-income persons or families through a joint program with HFAs in Pasco and Polk and other interested counties including the County via interlocal agreements.
The Bonds are to be issued over a period of one (1) to three (3) years, in an amount to meet the demands of the first-time home buyer community, the mortgage lenders and prevailing market conditions, to alleviate the shortage of affordable housing and to comply with the Internal Revenue Code.
The HFA conducted a TEFRA Hearing on August 7, 2025.
Fiscal Impact:
There is no fiscal impact to the County budget.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Housing Finance Authority of Pasco County
Housing Finance Authority of Polk County
Attachments:
Proposed BCC Resolution
Resolution No. 2025-13
Affidavit as to Pinellas TEFRA Hearing, August 7, 2025
Housing Finance Authority - TEFRA Hearing Minutes, August 7, 2025